CLEVELAND - Avient Corporation (NYSE: AVNT) reported third quarter 2024 results that exceeded expectations. The specialty materials company also narrowed its full-year earnings guidance. Shares were trading flat following the announcement.
Avient posted third quarter revenue of $815.2 million, up 8% YoY and above the analyst consensus of $795 million. Adjusted earnings per share came in at $0.65, beating estimates of $0.63.
The company reported GAAP earnings per share of $0.41 for the quarter, compared to $0.06 in the same period last year.
"The Avient team delivered another strong quarter, ahead of our expectations, driven by organic revenue growth across all regions and most end markets," said Dr. Ashish Khandpur, President and CEO of Avient.
Avient saw double-digit organic revenue growth in Latin America and Asia, up 27% and 11% respectively. The US and Canada region grew organic revenue by 9%, while EMEA increased 5%.
For the full year 2024, Avient narrowed its adjusted EPS guidance to $2.63-$2.67, from the previous range of $2.55-$2.70. This represents 11-13% growth over 2023. The company also expects adjusted EBITDA of $525-$530 million.
"The year has continued to play out as we expected, and as we look at the fourth quarter, we are in a position to narrow our full-year guidance," said Jamie Beggs, CFO of Avient.
The company also announced a 5% increase in its quarterly dividend to $1.08 on an annualized basis, marking the 14th consecutive annual increase.
Avient will host an investor day on December 4th in New York City to share details of its future strategic approach.
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